As in the recent 49 reading in the June US manufacturing PMI, anything under 50 indicates CONTRACTION.
Similar charts in Spain, France, Italy, Portugal, Ireland and the UK are worse:
World manufacturing downturn deepest in 3 years: PMI
The JPMorgan Global Manufacturing PMI fell to 48.9 in June from 50.6 in May, dropping below the 50 mark that divides growth from contraction for the first time November, and its lowest reading since June 2009.
But Don't Worry. If there's any way at all to game Global Contraction, and suck out every last cent of Capital, Goldman Sachs and JP Morgan will figure out how to do it.
Meanwhile you can count on Obama and Romney to spend all their time arguing about Health Care and Immigration. Even after they're elected.